Reuters US Business

By Greg Bensinger SAN FRANCISCO (Reuters) – Arguing for the government on Tuesday in its legal fight against Microsoft’s $69 billion deal to buy game maker Activision Blizzard, Harvard economist Robin Lee struggled at times to plainly demonstrate how the planned deal would hurt gamers. The U.S. Federal Trade Commission has asked a federal judge …

Microsoft attempts to pick apart US legal argument against deal to buy Activision Read More »

By Dietrich Knauth NEW YORK (Reuters) – A U.S. bankruptcy judge on Tuesday approved Overstock.com’s $21.5 million purchase of Bed Bath & Beyond’s brand name, intellectual property and ecommerce platform. U.S. Bankruptcy Judge Vincent Papalia approved the sale at a court hearing in Newark, New Jersey, saying that he was “gratified” to see a bidder …

US judge approves Overstock’s $21.5 million Bed Bath & Beyond purchase Read More »

(Corrects typographical error in paragraph 3) By Abhirup Roy and Akash Sriram (Reuters) – Amazon.com Inc’s self-driving vehicle unit Zoox has grown its headcount by about 16% at a time when access to capital is tight and other large companies have exited the autonomous driving sector. Amazon’s shares were 1.2% higher at $128.84 in early …

Zoox headcount grows as Amazon’s self-driving unit expands testing in Vegas Read More »

By Sinéad Carew, Sruthi Shankar and Johann M Cherian (Reuters) – U.S. stock indexes rebounded on Tuesday from a recent losing streak as upbeat economic data soothed investor worries about an imminent recession triggered by the Federal Reserve’s aggressive interest rate hikes. Separate reports showed new orders for key U.S.-manufactured capital goods unexpectedly rose in …

Wall Street closes higher as upbeat economic data allays slowdown fears Read More »

By Manas Mishra and Michael Erman (Reuters) -Walgreens Boots Alliance on Tuesday warned that lower spending by inflation-weary consumers and a hit from a larger-than-expected drop in COVID-19 product sales would likely persist into next year, sending its shares down by 9%. The end of the COVID emergency in May led to a steep drop …

Walgreens warns of low consumer spending, large drop in COVID sales Read More »

(Reuters) -Jefferies Financial Group Inc’s second-quarter profit slumped 89% as subdued dealmaking weighed on its advisory fees, the investment bank said on Tuesday. Total net revenue dropped 22% to $1.04 billion. Shares in the bank fell 5% in extended trading. The New York-based financial institution’s results are often viewed as a prelude to earnings from …

Jefferies quarterly profit falls as dealmaking in doldrums Read More »

By Krystal Hu (Reuters) -Reka, an AI model startup founded by former researchers from Alphabet’s DeepMind, has raised $50 million in a fresh round of funding from investors including Yuri Milner’s DST Global Partners and Snowflake, the companies told Reuters. The valuation of the deal was not disclosed. A source familiar with the matter said …

AI model startup Reka raises $50 million led by DST Global Partners Read More »

By Chibuike Oguh NEW YORK (Reuters) – SL Green Realty Corp’s shares rose on Tuesday, extending gains from the previous session, after some research analysts heaped praise on the real estate investment trust (REIT) for selling a 50% stake in one of its prime New York City office buildings. SL Green announced on Monday that …

SL Green extends gains as research analysts hail 245 Park Avenue deal Read More »

(Reuters) – Most major U.S. banks expect the Federal Reserve to deliver another 25-basis-point rate hike in July after the central bank signaled that borrowing costs may need to rise by as much as half a percentage point by the end of the year. The Fed’s main rate now stands at 5.00% – 5.25% range. …

Factbox-Wall Street banks expect Fed to hike rates in July Read More »

ZURICH (Reuters) -UBS will announce further changes to its management as it seeks to integrate Credit Suisse following the recent takeover of its former rival, the Swiss bank’s chief executive said on Tuesday. UBS announced a raft of management changes shortly after it completed the takeover earlier this month. “We have also already established the …

UBS to announce changes to next management level soon – CEO Read More »